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Title: McMahon Glynn, Patrick to Glynn, James P., 1887
CollectionPatrick McMahon Glynn: Letters to his family (1874-1927) [Gerald Glynn O'Collins]
SenderMcMahon Glynn, Patrick
Sender Gendermale
Sender Occupationpolitician
Sender Religionunknown
OriginKapunda, South Australia, Australia
DestinationGort, Co. Galway, Ireland
RecipientGlynn, James P.
Recipient Gendermale
Doc. No.
Partial Date
Doc. Type
Word Count816
Genrebeing a politician, mining business
Sept. 4 1887

My dear James
It is Sunday evening, & I stop half way in an article for the
Herald to write you a few lines. A good while must have passed since
my last letter, but my poverty in leisure not my will, to vary the
apothecary's speech, prevented me writing. When a man is a lawyer,
a journalist, & a member of Parliament, & tries to [do] his work
conscientiously, his spare moments are few. Private & public correspondence
swells, and it is a luxury to have a few spare moments to
take a book in hand. This week I had to speak for two hours
together in favor of freetrade in a protectionist house, lecture next
evening 50 miles from Adelaide, the evening after lecture 150 miles
from [the] same place, talk to deputations, & drive over 40 miles of
country to examine the route of a proposed Railway, before returning
here to law & journalism. By the way, law is little profit here, as I
am so much away, so I may have to change to Adelaide, where I
dare say I would make money, as people fancy me more than I do
myself. The constituents like local men, but they will have to lump
it, and as I am to some extent a well known character, some constituency
or another would return me at any time.
There is one matter I want you to draw Johnny's attention to.
There is a celebrated mine—called the Broken Hill Proprietary Mine –near here. It is in New South Wales, but nearest to Adelaide.
From papers I have sent him (the Advertiser about 2 months ago &
an extracted article in the Kapunda Herald) Johnny can see some
particulars of it. Well, it is a silver mine, comprising several blocks
of about 40 acres each, of which Blk 14 has been floated into a
separate company, & Blks 15 & 16 are to be put at once on the
London Market. My advice to anyone with spare cash, or borrowing
power, is to apply for shares. I will give you some proof of the
wisdom of this. About 3 years ago the shares in the original mine
were £ 9 each = 16,000 in number, £20 nominal value, £19
written up. About 10 months ago I bought 5 at £41 each,
another afterwards at £37-13 & 3 months ago 2 more at £96
& £88. The latter share I got by selling my interest in [the]
original company getting 6 shares in the Blk 14 free for each of his
original shares—so that I got 36 for six. They were £4-10-paid up,
£5 nominal value, & 100,000 in all. They started at £ 2, I sold at
£3, purchased another original, have now 8 originals & 6 blocks.
Well, the Blocks were yesterday £ 9 each & the originals £168, so
that, with dividends, I must have made about over £1100 up to the
present & have no intention of selling. It is, in my opinion, and I
know the discoverers, the richest silver mine in the world. I get £ 1
a month dividend for each original share, (Blk 14 is not opened up
yet), but the mine has not been properly opened yet, It will pay £ 1
a week dividend per share within 18 months, I think, & certainly by
Xmas £ 2 a month (and Blk 14 will also pay dividends but, of course,
proportionally less).
Now, Blocks 15 & 16 have a good outcrop, have been to some
extent tested, & though I cannot speak of them with the certainty of
the rest of the mine, I would advise any fellows with money to apply
for shares in them. They have twice the acreage of Block 14, &
though the shares are double in number, they will rise at least 50 per
cent in price very soon after being floated. I, as an original shareholder,
will get 4 free shares for each proprietary share I hold & my
share in the proceeds of the 124,000 shares if floated in London.
Personally, I hope they don't float the company, as if worked by the
original shareholders the dividends would soon come in. You can
mention this matter to your friends, & let them speculate if they like.
I had confidence in the mine from the outset, as I knew one of the
discoverers, & if I had command of cash would now be worth tens of
thousands. As it is, my 8 original shares would yesterday have sold
for £1344. I will buy and send Johnny a halfyearly report. Well excuse this hurried note but I thought it better to give anyone with
cash a chance of speculating with good prospects.

Your affectionate brother
P. McM. Glynn

[P.S.] I send Johnny last half year's report this mail.